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Employee Benefits | 12 Months Ended
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Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
Employee Benefits | Employee Benefits Defined contribution plans. The Company has savings and investment plans (the “401(k) Plans”) covering substantially all U.S. employees. Company contributions are based on the level of employee contributions, up to a maximum of 4% of an employee’s eligible salary, subject to an annual maximum. For 2024, the maximum Company match was $7,200. Amounts expensed in connection with the 401(k) Plans totaled $57.5 million, $56.0 million and $50.4 million in 2024, 2023 and 2022, respectively. Deferred compensation plans. The Company has supplemental deferred compensation plans for the benefit of certain highly compensated officers, managers and other key employees. The plans’ investment assets are recorded at fair value in Other assets on the Consolidated Balance Sheets. The value of those assets was $146.8 million and $114.8 million at December 31, 2024 and 2023, respectively (see Note 14 — Fair Value Disclosures for fair value information). The related deferred compensation plan liabilities, which were $148.6 million and $121.7 million at December 31, 2024 and 2023, respectively, are carried at fair value and are adjusted with a corresponding charge or credit to compensation expense to reflect the fair value of the amount owed to the employees. Deferred compensation plan liabilities are recorded in Other liabilities on the Consolidated Balance Sheets. Compensation expense recognized for all of the Company’s deferred compensation plans was $2.3 million, $2.8 million and $0.4 million in 2024, 2023 and 2022, respectively. Defined benefit pension plans. The Company has defined benefit pension plans at several of its international locations. Benefits earned and paid under those plans are generally based on years of service and level of employee compensation. The Company’s vested benefit obligation is the actuarial present value of the vested benefits to which an employee is entitled based on the employee’s expected date of separation or retirement. The Company’s defined benefit pension plans are accounted for in accordance with FASB ASC Topics 715 and 960. The table below presents the components of the Company’s defined benefit pension plan expense for the years ended December 31 (in thousands). The components of pension expense, other than service cost, are recorded in Other income, net in the Consolidated Statements of Operations.
| 2024 |  | 2023 |  | 2022
Service cost | $ | 6,765 |  |  | $ | 5,363 |  |  | $ | 4,173 |
Interest cost | 2,520 |  |  | 2,173 |  |  | 709 |
Expected return on plan assets | (1,213) |  |  | (1,132) |  |  | (459) |
Recognition of actuarial loss | 262 |  |  | 171 |  |  | 264 |
Other | — |  |  | (638) |  |  | 501 |
Total defined benefit pension plan expense | $ | 8,334 |  |  | $ | 5,937 |  |  | $ | 5,188 |
The table below presents the key assumptions used in the computation of pension expense for the years ended December 31.
| 2024 |  | 2023 |  | 2022
Weighted average discount rate (1) | 3.48 | % |  | 3.67 | % |  | 1.24 | %
Expected return on plan assets | 3.59 | % |  | 3.90 | % |  | 1.58 | %
Average compensation increase | 3.29 | % |  | 3.37 | % |  | 2.57 | %
Cash balance interest credit rate | 3.10 | % |  | 3.60 | % |  | 1.20 | %
(1)Discount rates are typically determined by using the yields on long-term corporate or government bonds in the relevant country with a duration consistent with the expected term of the underlying pension obligations. The table below provides information regarding changes in the projected benefit obligation of the Company’s defined benefit pension plans for the years ended December 31 (in thousands).
| 2024 |  | 2023 |  | 2022
Projected benefit obligation at beginning of year | $ | 68,403 |  |  | $ | 55,311 |  |  | $ | 57,973 |
Service cost | 6,765 |  |  | 5,363 |  |  | 4,173 |
Interest cost | 2,520 |  |  | 2,173 |  |  | 709 |
Actuarial (gain) loss due to assumption changes and plan experience (1) | (772) |  |  | 2,527 |  |  | (7,318) |
Benefits payments (2) | (2,838) |  |  | (1,974) |  |  | (1,225) |
Acquisition/Business Combination/Divestiture | — |  |  | (268) |  |  | — |
Other | — |  |  | 4,628 |  |  | 5,685 |
Foreign currency impact | (4,368) |  |  | 643 |  |  | (4,686) |
Projected benefit obligation at end of year (3) | $ | 69,710 |  |  | $ | 68,403 |  |  | $ | 55,311 |
The table below presents the key assumptions used in determining the projected benefit obligations at December 31.
| 2024 |  | 2023 |  | 2022
Weighted average discount rate (4) | 3.94 | % |  | 3.48 | % |  | 3.67 | %
Average compensation increase | 3.51 | % |  | 3.29 | % |  | 3.37 | %
Cash balance interest credit rate | 3.50 | % |  | 3.10 | % |  | 3.60 | %
(1)The actuarial (gain) losses were primarily due to changes in the weighted average discount rate assumption. (2)The Company projects benefit payments will be made in future years directly to plan participants as follows: $4.0 million in 2025; $4.1 million in 2026; $4.8 million in 2027; $5.9 million in 2028; $6.2 million in 2029; and $35.4 million in total in the five years thereafter. (3)Measured as of December 31. (4)Discount rates are typically determined by using the yields on long-term corporate or government bonds in the relevant country with a duration consistent with the expected term of the underlying pension obligations. The tables below provide information regarding the funded status of the Company’s defined benefit pension plans and the related amounts recorded in the Consolidated Balance Sheets as of December 31 (in thousands).
Funded status of the plans | 2024 |  | 2023 |  | 2022
Projected benefit obligation | $ | 69,710 |  |  | $ | 68,403 |  |  | $ | 55,311 |
Pension plan assets at fair value (1) | (34,931) |  |  | (33,034) |  |  | (27,798) |
Funded status – shortfall (2) | $ | 34,779 |  |  | $ | 35,369 |  |  | $ | 27,513 |
Accumulated benefit obligation | $ | 62,481 |  |  | $ | 61,713 |  |  | $ | 50,335 |
Amounts recorded in the Consolidated Balance Sheets for the plans |  |  |  |  |
Other liabilities – accrued pension obligation (2) | $ | 34,779 |  |  | $ | 35,369 |  |  | $ | 27,513 |
Stockholders’ equity – deferred actuarial loss (3) | $ | (5,214) |  |  | $ | (5,731) |  |  | $ | (4,247) |
(1)The pension plan assets are held by third-party trustees and are invested in a diversified portfolio of equities, high-quality government and corporate bonds, and other investments. The assets are primarily valued based on Level 1 and Level 2 inputs under the fair value hierarchy in FASB ASC Topic 820, with the majority of the invested assets considered to be of low-to-medium investment risk. The Company projects a future long-term rate of return on these plan assets of 3.79%, which it believes is reasonable based on the composition of the assets and both current and projected market conditions. Additional information regarding pension plan asset activity is provided below. (2)Funded status – shortfall represents the amount of the projected benefit obligation that the Company has not funded with a third-party trustee. These liabilities of the Company are recorded in Other liabilities on the Consolidated Balance Sheets. The level of future contributions by the Company will vary and is dependent on a number of factors including investment returns, interest rate fluctuations, plan demographics, funding regulations and the results of the final actuarial valuation. (3)The deferred actuarial loss as of December 31, 2024 is recorded in AOCI/L and will be reclassified out of AOCI/L and recognized as pension expense over approximately 9 years, subject to certain limitations set forth in FASB ASC Topic 715. The table below provides a rollforward of the Company’s defined benefit pension plans assets for the years ended December 31 (in thousands).
| 2024 |  | 2023 |  | 2022
Pension plan assets at the beginning of the year | $ | 33,034 |  |  | $ | 27,798 |  |  | $ | 29,737 |
Company contributions | 6,170 |  |  | 5,022 |  |  | 4,450 |
Benefit payments | (2,838) |  |  | (1,974) |  |  | (1,225) |
Actual return on plan assets | 1,021 |  |  | 1,516 |  |  | (3,072) |
Foreign currency impact | (2,456) |  |  | 672 |  |  | (2,092) |
Pension plan assets at the end of the year | $ | 34,931 |  |  | $ | 33,034 |  |  | $ | 27,798 |
The Company also has a reinsurance asset arrangement with a large international insurance company that is intended to fund benefit payments for one of its plans. The reinsurance asset is not a pension plan asset but is an asset of the Company. At December 31, 2024 and 2023, the reinsurance asset was recorded at its cash surrender value of $8.8 million and $9.5 million, respectively, and recorded in Other assets on the Consolidated Balance Sheets. The Company believes that cash surrender value approximates fair value and is equivalent to a Level 2 input under the FASB’s fair value hierarchy in FASB ASC Topic 820.

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